Brean Capital downgraded Celsion Corp (NASDAQ: CLSN) from Buy to Sell and slashes its price target from $7 to $1, or 88 percent lower than the current price.

The downgrade comes following the "robust share price strength prior to a highly binary event in 1Q13 that, in our view, will define whether or not the company remains viable thereafter."

"Recent share price strength places the valuation at a level where we expect more downside from negative results than sustainable upside from positive results."

The firm continued: "We question the sustainability of a positive valuation inflection upon the potential showing of a progression free survival (PFS) benefit due to the need to show at least a clinically meaningful overall survival (OS) benefit thereafter, which after only a single administration of one active therapy (RFA) versus two active therapies (RFA and ThermoDox), appears more difficult than benefiting PFS, given the introduction of any additional therapy between progression and death. Despite the HEAT trial's SPA, meeting the PFS primary endpoint is not a shoe-in for approval without at the very least a strong numerical OS advantage for those treated with ThermoDox."

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